Correlation Between China Mobile and Guangdong Marubi
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By analyzing existing cross correlation between China Mobile Limited and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on China Mobile and Guangdong Marubi and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in China Mobile with a short position of Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Guangdong Marubi.
Diversification Opportunities for China Mobile and Guangdong Marubi
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Guangdong is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio and China Mobile is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on China Mobile Limited are associated (or correlated) with Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of China Mobile i.e., China Mobile and Guangdong Marubi go up and down completely randomly.
Pair Corralation between China Mobile and Guangdong Marubi
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.51 times more return on investment than Guangdong Marubi. However, China Mobile Limited is 1.96 times less risky than Guangdong Marubi. It trades about 0.14 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 10,282 in China Mobile Limited on September 3, 2024 and sell it today you would earn a total of 356.00 from holding China Mobile Limited or generate 3.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| China Mobile Limited |
| Guangdong Marubi Bio |
China Mobile and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Guangdong Marubi
The main advantage of trading using opposite China Mobile and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Guangdong Marubi can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| China Mobile vs. Andon Health Co | China Mobile vs. Jiangsu Yueda Investment | China Mobile vs. Impulse Qingdao Health | China Mobile vs. Metro Investment Development |
| Guangdong Marubi vs. Beijing Wantai Biological | Guangdong Marubi vs. Aluminum Corp of | Guangdong Marubi vs. COL Digital Publishing | Guangdong Marubi vs. Shaanxi Meineng Clean |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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